(MENAFN- Arab Times) Kuwait stocks headed north on Wednesday, extending the gaining streak to fourth day in a row. The price index, after charting a lackluster trading for most part of the session, climbed 27.88 to 6,268.41 pts helped by banks and other heavyweights. The KSX 15 benchmark rose 9.68 pts to 1,034.83 points taking the month's gains to 18 points while weighted index was up 3.21 points at 425.3 points. The volume turnover meanwhile swelled further after surging past the 100 million mark in the last session. 150.48 million shares changed hands - a 17.78 pct increase from Tuesday.
The sectors closed mostly in the green turf. Parallel market outpaced the rest with 2.17 pct gain whereas insurance shed 1.12 percent, the worst performer of the day. In terms of volume, real estate accounted for the highest market share of 40 percent while financial services and telecommunications trailed with 24.9 percent and 12.32 pct contributions respectively.
Among notable gainers, Mabanee Co rallied 40 fils to KD 0.990 while Humansoft Holding Co vaulted 50 fils to close at KD 0.910. Kout Food Group and Mezzan Holding climbed 20 fils each and Kuwait Portland Cement followed suit.
Sector bellwether Zain rose 10 fils to KD 0.435 on back of 2.3 million shares and Wataniya Telecom gained 20 fils. Kuwait Telecommunications Co ( VIVA) gyrated in tight range before closing unchanged at KD 0.950 and Agility too did not budge from its earlier close of KD 0.660.
Added
Burgan Bank added 5 fils while Kuwait Finance House gained 10 fils. The bank has logged a net profit of KD 62.3 million in the first half of 2015, a 14.1 percent increase from KD 54.6 million over the same period of the previous year. Earning per share stood at 13.30 fils as compared to 11.64 fils for corresponding period of 2014.
The market opened firm and edged higher in early trade. The main gauge eased thereafter and slipped slightly below the red to plumb the day's lowest level of 6336.36 pts . It moved sideways along the opening mark before picking pace in the final minutes and closed with modest gains.
Top gainer of the day, Kuwait Real Estate Holding Co (Al Aqaria) spiked 27.5 pct to 27.5 fils while Kuwait Cable Vision Co climbed 8.93 percent to stand next. Zimah Holding Co shed 6.25 pct, the steepest decliner of the day and Al Dar National Co continued to top the volume with 37.32 million shares.
Reflecting the day's upswing, the winners vastly outnumbered the losers. 64 stocks advanced whereas 24 closed lower. Of the 130 counters active on Wednesday, 42 closed flat. 2885 deals worth KD 17.5 million were transacted € a 94.5 percent surge in value from the day before.
National Industries Group took in 2 fils whereas RISCO and Gulf Cable held steady at KD 0.390 and KD 0.530 respectively. Kuwait Foundry Co was flat at KD 0.255 and ACICO Industries Co followed suit. Boubyan Petrochemicals Co pulled 10 fils lower to KD 0.198.
Jazeera Airways slipped 5 fils to KD 0.480 and ALAFCO paused at KD 0.226. The company has clocked a net profit of KD 13.4 million for the nine-month period ending June 30, 2015. The earnings per share came in at 16.3 fils and company's total revenues reached KD 47.7 million.
City Group dropped 10 fils to KD 0.390 whereas Educational Holding Group closed 10 fils higher. The company has posted net profit of KD 4.62 million and earnings per share of 18.9 fils in nine months ended May 31, 2015.
Kuwait Food Co (Americana) tumbled 60 fils to KD 2.820 erasing most of the gains in the last session and The Energy House paused at 64 fils. Equipment Holding Co dialed up 3 fils and Kuwait and Gulf Links Transport Co was up by same measure to end at 56 fils. KGL Logistics Co took in 2 fils.
Mashaer Holding rose 8 fils while Al Nawadi Holding Co and Al Arabi
Holding Group gave up 4 fils each. Automated Systems Co gained 15 fils to wind up at KD 0.490.
Grew
National Investment Co and Kuwait Investment Co clipped 2 fils each whereas KIPCO was up 10 fils at KD 0.660. The company has posted a net profit of KD 12 million for the first three months of 2015 € an increase of 17 per cent from the same period last year while earnings per share grew by 24% to 8.84 fils.
Securities House Co and Securities Group Co were flat at 57 fils and 120 fils respectively and KMEFIC followed suit. Al Mal Investment Co held steady at 40 fils and Bayan Investment followed suit. KAMCO pulled 6 fils down to KD 0.100 whereas KFIC and Noor Financial Investment Co were up 2 fils each.
In the banking sector, Gulf Bank rose 5 fils to KD 0.275 whereas National Bank of Kuwait paused at KD 0.870. The bank gas recorded a 12.8% increase in net profits for the first half of 2015. The earnings hit KD 163.4 million , up from KD 144.8 million for the same period of 2014.
Al Ahli Bank of Kuwait climbed 10 fils on back of over 1 million shares and Commercial Bank stagnated at KD 0.630. Ahli United Bank held steady at KD 0.570 and Kuwait International Bank followed suit. Boubyan Bank added 10 fils to close at KD 0.435.
National Real Estate Co and Al Mazaya Holding paused at 97 fils and 120 fils respectively while Arkan Al Kuwait Real Estate Co gained 10 fils.
The bourse has been upbeat so far during the week and has rallied 127 points in last four sessions. The price index has swung 55 points up from start of the month and is trading over 4 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, First Dubai For Real Estate Development has logged a net profit of KD 952,384 and earnings per share of 0.95 fils in the six-months period ending June 31, 2015 as compared to net profit of KD 1.16 million and earnings per share of 1.17 fils in H1 of 2014.
Combined Group Contracting Co. has been granted approval by Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months .
National Industries Company has won the permission of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for a period of 6 months.
Gulf Insurance Group (GIG) has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 € an increase of 22.8 percent from the same period last year. Shareholder equity grew 3.7 pct to KD 82.5 million.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter of 2015. It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils.
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